This paper explains two fundamental approaches to knowledge management. The tacit
knowledge approach emphasizes understanding the kinds of knowledge that individuals
in an organization have, moving people to transfer knowledge within an organization,
and managing key individuals as knowledge creators and carriers. By contrast, the
explicit knowledge approach emphasizes processes for articulating knowledge held by
individuals, the design of organizational approaches for creating new knowledge, and
the development of systems (including information systems) to disseminate articulated
knowledge within an organization. The relative advantages and disadvantages of both
approaches to knowledge management are summarized. A synthesis of tacit and
knowledge management approaches is recommended to create a hybrid design for the
knowledge management practices in a given organization.

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The international literature on Corporate Social Responsibility (CSR) has
focused on large rms, in the North, mostly applying normative, universal
and positivist approaches. However, over the last 10-15 years increasing
attention has been directed towards micro, small and medium-sized rms,
SMEs. While the focus on CSR in SMEs mainly has been con ned to a Northern
context, limited, though growing, focus has been on CSR in SMEs in a
Southern or developing country context. The paper assesses the contributions
on CSR and SMEs in Development. It does so by presenting three
dominant and con icting perceptions of SMEs in the CSR literature (SMEs
as problems vs. SMEs as innovators; SMEs as miniature versions of large
rms vs. SMEs in their own right; SMEs responding to voluntary approaches
vs. SMEs responding to state regulation). The paper then takes stock of
what we know about CSR, SMEs and Development (concerning environmental
issues; labour, safety & health; global supply chains; and nally CSR
and SMEs in Clusters) and what we don’t know. The paper nally argues in
favour of a critical research based on a) focus on Southern perspectives, b)
SMEs in their own right, and c) application of context-sensitive approaches.
It advocates the key issues of a critical CSR in SMEs in Development
research agenda should be focused at the interface between SME, CSR and
Development issues. It presents four main parts or areas of such an agenda
and three suggestions concerning policy initiatives, before it brie y
concludes on the changes that the eld has undergone over the 10-15
years observed.

This paper analyzes the literature that has been published on institutional entrepreneurship since Paul DiMaggio introduced this notion in 1988. Based on a systematic selection and analysis of articles, the paper outlines an emerging consensus on the definition and process of institutional entrepreneurship. It also presents the enabling conditions that have been previously identified and reviews the research methods that have been applied to the study of institutional entrepreneurship. Finally, based on this analysis, this paper highlights future directions for research on this topic. Researchers may use this paper to build targeted and sophisticated research designs that add value to the emerging body of literature on institutional entrepreneurship.
Keywords: Institutional Entrepreneur, Institutional Change, Paradox of Embedded Agency

This paper suggests that it is time to take the agency of teams seriously. Whereas the debate has previously focused on how firms may function more effectively by using team-based work-organization, our aim is to discuss and understand how teams effect the evolutionary dynamic of companies. Fieldwork in four Danish manufacturing companies helped us discover that firms as “communities of teams” are highly dynamic entities with complex layers of different team forms that operate, innovate and improve by constantly recombining work, collaborating across organizational divisions and redistributing authority, thereby challenging some of the existing “idioms” of team research and theories of the firm. The paper builds on these findings as we attempt to rethink research on teams by re-describing the evolutionary dynamics of firms and suggesting some themes that call for comparative research.

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Place branding has become popular. Places brand themselves to attract tourists, talented foreign workers, investments and businesses. The brand accentuates the positive characteristics of the place; it frames the society and sells its cultures. In the context of tourism, this paper examines the branding strategies of two very different countries – Denmark and Singapore. In Singapore, the convergence between the brand message and the place reality is frequently engineered by creating new brand-related products. In Denmark, the brand tries to communicate an existing local reality; it wants to present a prevailing reality. To the Danes, the brand is descriptive and should portray the country in a positive and accurate manner. To the Singaporeans, the brand is normative and a vision of what Singaporean society ought to become. These countries share common goals when branding themselves but their branding strategies are different, why? This paper situates their strategic differences in the local social, cultural and political context. Although country branding is externally directed, domestic politics and mechanisms of local control affect how the country can brand itself.
Keywords: place branding, branding strategies, Denmark, Singapore, tourism, destination

What is the issue?
Innovation is an important key to success in today's competitive marketplace. Firms therefore have strived hard to innovate and stay ahead. However, they have to face the brutal fact that firms often fail to obtain the commercial success of innovation.
Why is it important?
With keen international competition and accelerating pace of technology change, the ability to introduce innovations into the market and capture the profits generated by an innovation is of strategic importance. It can put a firm at a competitive advantage and build a firm’s sustainable financial benefits.
What can be done?
The implementation of target costing will increase the odds of commercial success of an innovation. It aims at fulfilling the economic potential of an innovation by focusing on the market and customers during the design and price setting stages. This price will, on one hand, impose the cost-reduction target in the organization. On the other hand, it can be a driving force for improving the cost-effective design and internal operations.

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Reducing tariffs and increasing consumption taxes is a standard IMF advice to countries that want to open up their economy without hurting government finances. Indeed, theoretical analysis of such a tariff-tax reform shows an unambiguous increase in welfare and government revenues. The present paper examines whether the country that implements such a reform ends up opening up its markets to international trade, i.e. whether its market access improves. It is shown that this is not necessarily so. We also show that, comparing to the reform of only tariffs, the tariff-tax reform is a less efficient proposal to follow both as far as it concerns market access and welfare.
JEL code: F13, H20.
Keywords: Market access; tariff reform, consumption tax reform.

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Firms pay out cash using both dividends and share repurchases. In many aspects these two
means are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper provides an explanation for this dividend puzzle by developing a class of signaling models violating the "single-crossing" property in which information about the quality of the firm is asymmetric between the management and the shareholders. In these models a high-quality firm can always signal its quality by using share repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends financed by the issuance of new shares. Taxable cash dividends financed by the issuance of new shares then can be considered a positive kind of money burning whose role is to signal a firm’s high quality. The implications of the models are consistent with several important empirical facts about dividends and share repurchases. Thus, this paper’s main contribution is to examine a range of new signaling models that provides a role for taxable cash dividends and share repurchases and to derive their empirical implications.
Key words: Dividends, Share Repurchases, Signaling, Single-Crossing Property, Money Burning
JEL Classification: G35, D82

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Abstract
Lund (2002a) showed in a CAPM-type model how tax depreciation schedules
affect required expected returns after taxes. Even without leverage higher tax rates
implied lower betas when tax deductions were risk free. Here they are risky, and
marginal investment is taxed together with inframarginal in an analytical model
of decreasing returns. With imperfect loss offset tax claims are analogous to call
options. The beta of equity is still decreasing in the tax rate, but increasing in the
underlying volatility. The results are important if market data are used to infer
required expected returns, and in discussions of tax design.
Keywords: Corporate tax, depreciation, imperfect loss offset, decreasing returns,
cost of capital, uncertainty

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In recent years, venture capital has increasingly become a factor in the
financing of new firms. We examine how the value of mature firms determines
the incentives of entrepreneurs to start up new firms and of venture capitalists
to finance and advise them. We examine how capital gains taxes as well as
subsidies to start-up costs of new firms affect venture capital-backed
entrepreneurship. We also argue that dividend and capital gains taxes on
mature firms have important consequences for start-up firms as well.
JEL Classification: D82, G24, H24 and H25
Keywords: double moral hazard, entrepreneurship, taxes and venture capital

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We examine how a multinational’s choice to centralize or de-centralize its
decision structure is affected by country tax differentials. Within a simple model that emphasizes the multiple conflicting roles of transfer prices in MNEs — here, as a strategic pre-commitment device and a tax manipulation instrument —, we show that decentralization is preferred in case of small tax differentials, whereas centralization can be more profitable, when tax differentials are large. In essence, the organizational flexibility of MNEs is triggered by the scope for tax minimization. Our analysis allows for both commitment and non-commitment to transfer prices, and for alternative modes of competition.
Keywords: Centralized vs. de-centralized decisions, taxes, transfer prices, MNEs.
JEL-Classification: H25, F23, L23.

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In this paper we set up a model of start-up finance under double moral hazard.
Entrepreneurs lack own resources and business experience to develop their ideas.
Venture capitalists can provide start-up finance and commercial support. The effort
put forth by either agent contributes to the firm’s success, but is not verifiable. As
a result, the market equilibrium is biased towards inefficiently low venture capital
support. The capital gains tax becomes especially harmful, as it further impairs
advice and causes a first-order welfare loss. Once the capital gains tax is in place,
limitations on loss off-set may paradoxically contribute to higher quality of venture
capital finance and welfare. Subsidies to physical investment in VC-backed startups
are detrimental in our framework.
Keywords: Venture capital, capital gains taxation, double moral hazard.
JEL-Classification: D82, G24, H24, H25

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This paper provides an assessment of Greenland's tax system and contemplates changes that may be
undertaken in the future to prepare for greater economic self-reliance and for the country's participation
in the wider world economy. At the outskirts of Europe, Greenland is an autonomous part of the
Danish kingdom, though currently not a member of EU. However, its cooperation with European
countries and its dependency on international trade renders it necessary for the tax system in Greenland
to be attuned to developments in the rest of the world. Drawing on a thorough international benchmarking
analysis of Greenland's tax system, the paper's special focus will be on the corporate tax system
and its interplay with personal taxation, as well on as the system of import duties. In particular, we
carry out computations of effective marginal and average corporate tax rates, as well as average effective
tax burdens on consumption, labour income and capital income, and compare these to similar
measures for EU countries. In addition, we outline how Greenland's economic policy in other areas
interferes with tax policy. Especially fishery regulation, management of government-owned companies,
and housing policy have major implications for the tax system.
Key words: international benchmarking, effective tax rates, Greenland
JEL: H20, H25

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In this paper I explore the constructive links between co-operation, rivalry, and learning within the structure of team communities. Drawing upon social learning theory, the main purpose of this paper is to argue that both co-operation and rivalry are important triggers for mobilizing learning processes within and between teams. However, social learning theory tends to disregard the positive aspects of rivalry. Consequently, this paper will argue for the need to extend social learning theory beyond its rather harmonious learning perspective.

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A concern with teams was central to early attempts to grasp the nature of the firm, but fell out of favor in later work. We encourage a return to the emphasis on teams, but argue that the idea of teams as central to the nature of the firm needs to be grounded in an appreciation of the importance of We frames and group agency. We use converging insights from evolutionary anthropology, cognitive social psychology and work on team agency to develop such a grounding, and link it to the issues of the existence and boundaries of firms.